Owner lists property for sale after buying it without realizing it is entirely underwater – WHIO

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ALAMEDA, Calif. — A piece of property is for sale in the San Francisco Bay area for $400,000 but there is a slight catch. It is underwater.

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“One of the neighbors contacted me and said, ‘Oh is this a joke?’ And I said, ‘No. it’s not a joke. Someone bought it and they own it now,’” said real estate agent April Jones, according to KGO-TV.

Jones said that the owner had purchased the property at an auction without seeing it and didn’t know it was a lagoon, according to the news outlet.

It sold at that auction for $100,100 in March 2023, The Alameda Post reported. The owner was hoping to fix it and flip it, Jones said. He just didn’t know it was underwater until he went to visit it.

The property was listed as a “One Family Residential” which is what possibly led to the confusion, the newspaper reported.

Jones’ listing is upfront about the property, according to KTVU.

“This is a water lot,” the Redfin listing states, according to the news outlet. “An investor’s/developer’s opportunity.” The description says it is a 10,130-square-foot lot that has no bedrooms or bathrooms.

The realtor believes that the property can be used to have something built over the easement area. She is telling those looking at the property that it is all about its location which is near a shopping center, the Oakland airport and the Coliseum, KTVU reported.

“Architects I’ve spoken with have said it would be fairly expensive to build on the lot,” Jones said, according to The Alameda Post. She believes the asking price is reasonable based on property values in the area.

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